国泰海通：8月维持对A股与美股的战术性超配观点

Group 1 - The core viewpoint is that the tactical overweight stance on A-shares and US stocks is maintained, driven by improving market risk appetite and favorable macroeconomic conditions [1][2] - The current low interest rate environment necessitates higher demands for asset allocation research, with a long-term trend of institutional capital entering the market supported by diverse investment tools [2] - The strategic asset allocation (SAA) plan has a year-to-date annualized return of 9.1% and a Sharpe ratio of 1.57, with a target allocation of 45% equities, 45% bonds, and 10% commodities [2] Group 2 - The improvement in risk appetite is identified as a key factor influencing current tactical asset allocation, with multiple factors expected to support strong performance in equity assets [3] - The tactical asset allocation (TAA) plan projects an annualized return of 55% by 2025, with a high Sharpe ratio of 1.65 from backtesting [3] - The August allocation recommendation suggests 55% in equities, 40% in bonds, and 5% in commodities, with a positive outlook on A-shares and Hong Kong stocks, and a cautious stance on government bonds due to market pressures [3]